BANGLADESH STEEL SCRAP: Mills return to bulk markets despite steep freight costs [CORRECTED]

Steelmakers in Bangladesh returned to the market for imports of bulk steel scrap cargoes in the week ended Friday September 10 despite very high freight costs, sources told Fastmarkets.

Bangladesh removed its Covid-19-related lockdown in early August 2020, leading to a re-opening of the steel retail markets and easing the movement of scrap across the country.
The decision also allowed induction furnace (IF) mills to restart production, creating a rise in demand for steel scrap.
But two Bangladeshi mill sources told Fastmarkets that high freight costs have priced them out of the market for United States-origin deep-sea scrap in recent weeks, with freight costs heard at $100 per tonne for scrap from the US West Coast to Bangladesh. A weak local market was also keeping a lid on import demand.

A deal was agreed for a 25,000-tonne deep-sea cargo from Australia and New Zealand at $515 per tonne cfr Bangladesh for HMS 1&2 (80:20) in the assessment week, sources said....

Monetary-driven precious metals outperform major base metals

Gold stocks hit by plunging equities markets

Gold stocks down as metal and equities momentum fades

Another Kazatomprom guidance announcement shakes uranium price

Major monetary drivers still supporting gold